All property owners – residential, commercial and industrial – should investigate the historic use of property prior to committing to purchase using all appropriate inquiry under the circumstances of the transaction. Caveat Emptor (“buyer beware”) is an important legal concept that can hold the buyer and other responsible parties liable for hazardous substances on their property. The level of inquiry may vary given the nature of the transaction, lender requirements, etc., but national standards are available to determine the scope of any assessment. It is also critical to consider how the transaction is structured in terms of disclosures (e.g. representations by the Seller) and warranties that may attempt to limit the Seller’s exposure. According to this article, a division of national homebuilder Pulte Homes, denied responsibility for burying construction debris in the family’s backyard in Tampa, FL. Local news media claims that Pulte told them it “wasn’t responsible for the (homeowners) home which was built in 1990.” It should be noted that – in some parts of the U.S. – it was legal to bury construction related debris on-site, although such conduct is clearly not something most buyers would accept and has since been outlawed. Purchasers should retain the legal services of counsel familiar with such issues so that they can be addressed in the context of the purchase and sale agreement.

Read Article: Buyer Beware: Investigate Historic Use of Property